Market NewsTechnical AnalysisUSD/CHF

USD/CHF: Bull Halts to Gather Energy

  • USD/CHF has been bullish on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart has been choppy looking for its direction.
  • Intraday minor charts seem to be bullish upon finding its support today’s low.
USD/CHF H4 Chart
USD/CHF H4 Chart

USD/CHF – Technical Analysis- H4 Chart

The chart shows that the price has been on consolidation after being bullish for some days. The buyers may keep their eyes on the pair to go long upon having a bullish signal. The chart shows that it has enough space to travel towards the North. Thus, we may see the pair keeps moving towards the upside. The last swing high at 0.88000 may work as a resistance.

On the other hand, it the price moves towards the South and ends up making a breakout at the SMA 30’s support, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The level of 0.85500 may hold the price as a support in that case.

USD/CHF H1 Chart
USD/CHF H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been moving around within a horizontal channel. It has had a bounce at the channel’s support. It may move towards the North. A bullish breakout at the channel’s resistance may push the price towards the North further. The price may find its next resistance around 0.87700.

On the contrary, if the price breaches the channel’s support, the price may move towards the South and find its support around 0.86000.

Considering both charts, it seems that the bull is ahead and may continue its dominance. For the sellers, it does not look bad, but to get short opportunities, they may have to wait longer than the buyers here.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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